failure, but relative decline Statism, too conservative Scale, scope (-) Entrenched institutions No “rat race” Wealth sought for the nation, not individuals Emergent markets Robust invest. Banks in London Emulation v. origination Falklands temporarily restored confidence; incentivized for a few years Loss of entrepreneurship Firms used family £ or SE Balance of payments skewed; overspent, overtaxed High corporate taxes Hierarchical oligopoly Keynesian full employment All facets centrally controlled…
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